The Manitowoc Company, Inc. (NYSE:MTW) Short Interest Up 59.4% in January

The Manitowoc Company, Inc. (NYSE:MTWGet Free Report) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,010,000 shares, a growth of 59.4% from the January 15th total of 633,500 shares. Based on an average daily trading volume, of 271,900 shares, the days-to-cover ratio is presently 3.7 days. Currently, 3.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Manitowoc

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Manitowoc by 2.1% in the first quarter. BlackRock Inc. now owns 4,125,640 shares of the industrial products company’s stock worth $70,507,000 after acquiring an additional 84,143 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Manitowoc by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,399,544 shares of the industrial products company’s stock worth $41,008,000 after buying an additional 138,602 shares during the period. Front Street Capital Management Inc. raised its stake in shares of Manitowoc by 14.6% in the first quarter. Front Street Capital Management Inc. now owns 2,313,676 shares of the industrial products company’s stock worth $34,890,000 after buying an additional 295,092 shares during the period. Invesco Ltd. raised its stake in Manitowoc by 14.5% during the 1st quarter. Invesco Ltd. now owns 2,227,321 shares of the industrial products company’s stock valued at $33,588,000 after purchasing an additional 281,654 shares during the period. Finally, Vanguard Group Inc. raised its stake in Manitowoc by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,207,491 shares of the industrial products company’s stock valued at $33,223,000 after purchasing an additional 79,213 shares during the period. 77.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on MTW. StockNews.com downgraded shares of Manitowoc from a “buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. cut their target price on Manitowoc from $18.50 to $17.00 and set a “neutral” rating on the stock in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, Manitowoc presently has an average rating of “Hold” and a consensus price target of $17.43.

Read Our Latest Stock Analysis on Manitowoc

Manitowoc Price Performance

NYSE:MTW traded up $0.58 during mid-day trading on Monday, reaching $17.44. The stock had a trading volume of 306,409 shares, compared to its average volume of 209,576. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.57 and a current ratio of 1.79. The firm has a 50 day moving average price of $16.15 and a two-hundred day moving average price of $15.40. The stock has a market capitalization of $611.80 million, a P/E ratio of -6.27 and a beta of 2.11. Manitowoc has a one year low of $12.20 and a one year high of $20.20.

About Manitowoc

(Get Free Report)

The Manitowoc Company, Inc provides engineered lifting solutions in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. It designs, manufactures, and distributes crawler-mounted lattice-boom cranes under the Manitowoc brand; a line of top-slewing and self-erecting tower cranes under the Potain brand; mobile hydraulic cranes under the Grove, Shuttlelift, and National Crane brands; and hydraulic boom trucks under the National Crane brand.

Further Reading

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